Green Power Market: Current Analysis and Forecast (2021-2027)

$3999$7577

Emphasis on Power Source (Wind, Solar, Low-Impact Hydropower, and Others); and Region/Country

Detailed Analysis of COVID-19 Impact on the Green Power Market

Pages:

152

Table:

28

Figure:

82

Report ID:

UMEP21858

Geography:

Clear
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Report Description
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Research Methodology

Report Description

Green Power Market
Green Power Market

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With surging demand of electricity from renewable power, sources led to an exponential growth in the global green power industry. The global green power market is expected to witness a CAGR of more than 15% during the forecast period. This is mainly due to tightening government regulations on greenhouse gas emissions around the world coupled with rising installation and integration of renewable power sources such as wind and solar energy in overall energy mix. As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines. Furthermore, at the end of 2019, there were a cumulative of 648 GW of PV installed compared to 527 GW installed in 2018. Roughly 20% of the installed PVs were in residential rooftops, 20% in commercial buildings (hotels and malls) and 60% utility plants connected to the grid. Use of solar PVs has increased tremendously in last several years and has become the most influential in the last few years.

Global green power market is expected to register a CAGR of more than 15% over the period of 2021-2027. Green energy is any energy type that is generated from natural resources, such as sunlight, wind, or water. According to the United States Environmental Protection Agency (EPA), green power is a subset of renewable energy and represents those renewable energy resources and technologies that provide the highest environmental benefit. EPA defines green power as electricity produced from solar, wind, geothermal, biogas, eligible biomass, and low-impact small hydroelectric sources. Customers often buy green power for its zero-emissions profile and carbon footprint reduction benefits.

In 2020, the consumption of all other fuels declined while the only source which increased the demand for energy sources was renewables 2020.  As the global economy recovers from the crisis, The renewable energy source witnessed an uptake, therefore, expand more quickly. As per International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased and witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW.

Siemens Gamesa Renewable Energy, GE Renewable Energy, Brookfield Renewable Partners L.P., Iberdrola SA, JinkoSolar Holding Co. Ltd., NextEra Energy Inc., Orsted A/S, Adani Green Energy Limited, Suzlon Energy Limited, and Tata Power. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst Power Source, wind energy is expected to witness a higher CAGR during the forecast period”

Based on the power source, the market is bifurcated into wind, solar, low-impact hydropower, biomass, and others. The wind category is expected to witness the fastest growth during the forecast period. This is mainly due to the rising need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, the Chinese government has envisaged various initiatives to increase this share of solar energy in the near future. The solar power share in China’s renewable power generation mix was recorded as 282 million kilowatts at the end of 2021. Furthermore, China’s Ministry of Finance (MOF) determined the total subsidy for solar PV in 2020 was around USD 230 million (CNY 1.5 billion). Around USD 75 million (CNY 500 million) was allocated for residential rooftop PV, and USD 150 million (CNY 1 billion) was for bidding projects, including distributed PV and utility PV projects. Compared with 2019, the subsidy budget was slashed by 50% from the previous year’s USD 450 million (CNY 3 billion).​

Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. With the explosive growth of Green Power installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing in 2020.  In addition, governments across several countries such as the U.S, India, Japan, Germany, etc., launched several initiatives to remove the dependency on electricity generation from fossil fuels. For instance, as per IRENA, the total installed capacity of hydropower increased from 1,099,767 MW in 2015 which increased to 1,210,616 MW by 2020. Thus, the global green power market is expected to witness a robust CAGR of more than 15% during the forecast period.

“APAC to witness significant growth during the forecast period”

The Asia-Pacific green power market is expected to witness exponential CAGR during the forecast period. Factors such as rising environmental concerns and government policies for incentives and tax benefits for solar panel installation, the high cost of grid expansion are expected to be major drivers driving the market. For instance, according to the International Renewable Energy Agency (IRENA), the installed solar PV capacity in India was around 38.98 GW in 2020, up from 34.86 GW in 2019, recording a growth of around 11% during the year. The growth resulted from huge deployments of solar PV installations in India, particularly for utility projects. The Government of India has more plans to increase the solar PV installed capacity. Also, advancements in technology leading to cost reduction and increase in efficiency have been a major factor in the growth of the Asia-Pacific market.

China held a significant revenue share in the APAC green power market in 2020 owing to supporting government policies and easy availability of raw materials. China led the world’s biggest ever increase in renewable power capacity. Moreover, the presence of major companies offering products and solutions for green energy sources such as hydropower, solar, wind, among others and the introduction of major renewable power projects, is further expected to drive the market. For instance, in June 2020, Panda Green Energy Group announced plans to develop a 1 GW hybrid project in China that combines solar photovoltaic (PV) and solar thermal power generation with energy storage and hydrogen production. The company has signed a memorandum of cooperation for USD 1.5 billion (CNY 10 billion) with the local government of Manasi County, Xinjiang Uyghur region, for the project development.

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Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


Customization Options:

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1.1.Market Definitions
1.2.Limitation
1.3.Stakeholders
1.4.Currency used in Report
2.1.Research Process of the Green Power Market
2.2.Research Methodology of the Green Power Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Green Power Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL GREEN POWER MARKET COVID-19 IMPACT
6GLOBAL GREEN POWER MARKET REVENUE (USD BN), 2019-2027F
7.1.Wind
7.2.Solar
7.3.Low-Impact Hydropower
7.4.Others 
8.1.North America
 8.1.1.U.S.
 8.1.2.Canada
 8.1.3.Rest of North America
8.2.Europe 
 8.2.1.Germany
 8.2.2.United Kingdom
 8.2.3.France
 8.2.4.Spain
 8.2.5.Rest of Europe
8.3.Asia-Pacific
 8.3.1.China
 8.3.2.Japan
 8.3.3.India
 8.3.4.Australia
 8.3.5.Rest of Asia-Pacific
8.4.Rest of World
9.1.Market Drivers
9.2.Market Challenges
9.3.Impact Analysis
10GREEN POWER MARKET OPPORTUNITIES
11GREEN POWER MARKET TRENDS
12POLICY & REGULATORY FRAMEWORK
13.1.Demand Side Analysis
13.2.Supply Side Analysis
14VALUE CHAIN ANALYSIS
15.1.Competitive Landscape
 15.1.1.Porter’s Five Forces Analysis 
16.1.Siemens Gamesa Renewable Energy
16.2.GE Renewable Energy
16.3.Brookfield Renewable Partners L.P. 
16.4.Iberdrola SA
16.5.JinkoSolar Holding Co. Ltd.
16.6.NextEra Energy, Inc.
16.7.Orsted A/S
16.8.Adani Green Energy Limited
16.9.Suzlon Energy Limited
16.10.Tata Power
17DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global green power market were the three major steps undertaken to create and analyze the adoption of green powers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global green power market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the green power market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the green power market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. The major segment included in the report is power source. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the green power market. Further, we conducted factor analysis using dependent and independent variables such as various power sources of green power. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the green power market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global green power market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of green power market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global green power market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Green Power Market
Green Power Market

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global green power market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power sources in the global green power market.

The main objective of the Global Green Power Market Study

The current & future market trends of global green power market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of green power market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of power sources.
  • Define and analysis of the regulatory framework for the green power market industry.
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the green power market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
  • Company profiles of the green power market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?